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DERIVATIVES
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES DERIVATIVES
Freestanding derivatives are instruments that the Company have entered into in the normal course of business to achieve certain risk management objectives as part of their overall risk management and investment strategies. These derivative contracts are not designated as hedging instruments for accounting purposes. Such contracts may include interest rate swaps, total return swaps, and foreign currency forward contracts. As a result of the use of derivative contracts, the Company is exposed to the risk that counterparties will fail to fulfill their contractual obligations. To mitigate such counterparty risk, the Company enters into contracts with certain major financial institutions, all of which have investment grade ratings. Counterparty credit risk is evaluated in determining the fair value of derivative instruments.
The table below summarizes the aggregate notional amount and fair value of the derivative instruments. The notional amount represents the absolute value of all outstanding derivative contracts.

AS AT DECEMBER 31, 2025
(MILLIONS)
Assets
Liabilities
Notional Amount
Fair Value
Notional Amount
Fair Value
Freestanding derivatives
Foreign-currency forward contracts$325 $4 $405 $3 
Total return swap contracts66 3 8 1 
Interest rate swap contracts— — 370 1 
$391 $7 $783 $5 

Nominal realized and unrealized gains and losses arising from freestanding derivatives were recorded in the consolidated statements of operations for the years ended December 31, 2025 and 2024, respectively.

There were no derivatives outstanding that were designated as hedging instruments for accounting purposes as of December 31, 2025 and 2024. Derivatives are recorded gross as financial assets or financial liabilities in the consolidated balance sheets.